It’s almost amusing to see the Securities and Exchange Commission jumping on the sinking ship of global warming alarmism. After all, only a government bureaucracy would take such a step at precisely the moment that the scam has been exposed. But I said it’s “almost amusing” because the added costs imposed on companies will be real, and this will hurt workers, shareholders, and consumers. But I will tip my proverbial hat to the Democrats. I remember several years ago trying to get the SEC to give shareholders more accurate information by having dividend checks show that corporate tax already was paid on the money. This would help people realize, of course, that declaring dividend income on personal tax returns was a punitive form of double taxation. Yet even though this was squarely in the SEC’s mission of supposedly serving investors, the Republicans in charge were politely dismissive. The moment Democrats get in charge, however, they move forward with a politically-motivated change that has nothing to do with helping investors. This is a good example of the old saying that Republicans are the stupid party and Democrats are the evil party:
- A politically divided Securities and Exchange Commission voted on Wednesday to make clear when companies must provide information to investors about the business risks associated with climate change. The commission, in a 3 to 2 vote, decided to require that companies disclose in their public filings the impact of climate change on their businesses — from new regulations or legislation they may face domestically or abroad to potential changes in economic trends or physical risks to a company. Chairman Mary L. Schapiro and the two Democrats on the commission supported the new requirements, while the two Republicans vehemently opposed them. “I can only conclude that the purpose of this release is to place the imprimatur of the commission on the agenda of the social and environmental policy lobby, an agenda that falls outside of our expertise and beyond our fundamental mission of investor protection,” Republican commissioner Kathleen L. Casey said.
http://www.washingtonpost.com/wp-dyn/content/article/2010/01/27/AR2010 012704502.html
